Daily Technical Analysis: April 1, 2024 - Gold Prices Soar to a New Record

Here is the daily technical analysis for March 1, 2024. The data and analysis provided in this bulletin can be broadly applied to your trading activities. However, it's important to note that GICTrade and the data providers are not responsible for your trading outcomes.

Below, we will provide you with the forecasted price movements in Forex and Commodities, complete with calculations of Pivot points, Resistance, and Support levels.

EURUSD



The EUR/USD pair in the 1-hour timeframe is above the first support area at 1.07720, attempting to move up towards the pivot area at 1.07880 and then towards the first resistance at 1.08080. Meanwhile, the RSI indicator is below the pivot area, indicating that the euro may potentially move down first before rebounding.

Suggest: Buy 1.07720 TP1 1.07900 TP2 1.08100 SL 1.07520

GBPUSD

The GBP/USD pair in the 1-hour timeframe is above the first support area at 1.26040, attempting to move up towards the pivot area at 1.26240 and then towards the first resistance at 1.26390. Meanwhile, the RSI indicator is below the pivot area, suggesting that the pound sterling may potentially move down first before rebounding.

Suggest: Buy 1.26000 TP1 1.26240 TP2 1.26390 SL 1.25800

AUDUSD

The AUD/USD pair in the 1-hour timeframe is above the pivot area at 0.65160, attempting to move up towards the first resistance area at 0.65270 and then towards the second resistance area at 0.65440. Meanwhile, the RSI indicator is above the pivot area, indicating that the Aussie may potentially continue to move higher.

Suggest: Buy 0.65100 TP1 0.65300 TP2 0.65450 SL 0.64900

USDCHF



The USD/CHF pair in the 1-hour timeframe is below the first resistance area at 0.90170, attempting to move down towards the pivot area at 0.90000 and then towards the first support area at 0.89920. Meanwhile, the RSI indicator is below the pivot area, suggesting that the Swiss franc may potentially move lower.

Suggest: Sell 0.90200 TP1 0.90100 TP2 0.89950 SL 0.90400

USDJPY

The USD/JPY pair in the 1-hour timeframe is below the first resistance area at 151.500, attempting to move down towards the pivot area at 151.330 and then towards the first support area at 151.160. Meanwhile, the RSI indicator is below the pivot area, indicating that the yen may potentially move lower.

Suggest: Sell 151.500 TP1 151.300 TP2 151.100 SL 151.700

XUL (LOCO LONDON GOLD)



Gold prices in the 1-hour timeframe are below the second resistance area at 2263.10, attempting to move down towards the second resistance area at 2244.30 and then towards the first resistance area at 2225.10. Meanwhile, the RSI indicator is above the pivot area in the overbought zone, suggesting that gold prices may potentially undergo a correction or move lower.

Suggest: Sell 2262.00 TP1 2252.00 TP2 2247.00 SL 2267.00

CLSK (OIL)

Oil prices in the 1-hour timeframe are below the first resistance area at 83.64, with potential to move down towards the pivot area at 82.57 and then towards the first support area at 82.57. Meanwhile, the RSI indicator is above the pivot area, indicating that oil prices may potentially move higher first before any correction or downward movement.

Suggest: Sell 83.50 TP1 83.00 TP2 82.50 SL 84.00

Well, that concludes the explanation of “Daily Technical Analysis: April 1, 2024 – Gold Prices Soar to a New Record.” Also, check out our other articles, such as guides on how to buy cryptocurrency, exclusively at Jurnal GIC. Don’t forget to hone your trading skills by getting the Ebook guide on Scalping and participating in the NFP Live Trading sessions. Make sure to download the GIC Mobile App from the Google Play Store